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lead schedule

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA AA Exams › lead schedule

  • This topic has 1 reply, 2 voices, and was last updated 6 years ago by Kim Smith.
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  • January 17, 2019 at 3:35 am #502374
    toushiga
    Participant
    • Topics: 424
    • Replies: 172
    • ☆☆☆☆

    Hello Tutor, What is the lead schedule and how the auditor using it and would you demonstrate it for me? Thank you.

    January 17, 2019 at 10:44 am #502436
    Kim Smith
    Keymaster
    • Topics: 133
    • Replies: 8291
    • ☆☆☆☆☆

    If you think of an audit working papers (documentation) file as a book, it will be organised into sections – each dealing with a different audit area (non-current assets, sales, wages, receivables etc). The lead schedule is the first sheet of each section. It provides a link between the amounts shown in the financial statements and the amounts audited, for example, if R1 is the receivables lead schedule it will might have an analysis like this:

    Trade receivables (R2) ……. $x
    Sundry receivables (R13) … $x
    Prepayments (R16) …. $x
    Total ……………………………. $x (agrees to the financial statements)

    It will usually have the prior year comparative amounts and, for the current year, it may show draft amounts, journal adjustments, final amounts (or, these may be shown on the supporting schedules.

    It might also be the place where outstanding points for the reviewer’s attention (audit manager) are documented.

    As it is a working paper it will have all the “usual” information – client, y/e, who prepared it and when [date], who reviewed it and when [date], etc.

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